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ICJ, BRICS, & more!

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Global Insights

International Court of Justice (ICJ)

The ICJ has been in the news a lot over the past year. From Israel, Russia, Mexico, etc it seems this is where international disputes get settled. But what exactly is it? And who gives them authority? 

Amidst the complexities of geo-politics and tension between countries, the International Court of Justice (ICJ) is an institution that aims for peaceful conflict resolutions around the world. As the singular international court dedicated to adjudicating general disputes between nations and offering legal guidance on global matters, the ICJ plays a major role in upholding the principles of justice and international law.

The origins of the ICJ can be traced back to the aftermath of World War I, where the League of Nations laid the groundwork for the establishment of the Permanent Court of International Justice (PCIJ) in 1920. Following World War II, the United Nations was formed in 1945, giving rise to the ICJ as its judicial arm, inheriting the legacy of the PCIJ.

Comprising 15 judges elected by the UN General Assembly and Security Council for nine-year terms, the ICJ boasts a diverse bench reflecting the world's legal systems. Situated in The Hague, Netherlands, the court's jurisdiction spans territorial disputes, diplomatic relations, and other matters of international law.

Since its inception, the ICJ has delivered numerous judgments, shaping the norms governing state interactions. Its advisory opinions, though not legally binding, carry weight in guiding global legal frameworks and policies.

Despite its significance, the ICJ faces challenges in enforcing its rulings, relying on member states' cooperation. Nonetheless, its role remains important in promoting peace and justice. Essentially, the international court can issue strong advisory opinions on unnsettled disputes, but cannot issue any direct litigation to soverign countries.

BRICS and The U.S Dollar

The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is poised to shake up global trade by reducing its reliance on the US dollar. In a bold move aimed at strengthening their economies and promoting financial independence between countries, BRICS members are prioritizing local currencies over the dollar in their international transactions.

This de-dollarization initiative, set to take effect in 2024, has far-reaching implications for various sectors in the United States. As BRICS nations shift towards settling payments in their own currencies, the demand for the dollar in global trade is expected to diminish significantly. This trend could potentially weaken the dollar's status as the world's primary reserve currency, posing challenges for the US economy.

A recent trade agreement between China and Russia exemplifies BRICS' commitment to de-dollarization. Under this agreement, transactions worth up to $260 billion will be conducted using the Chinese Yuan and the Russian Ruble, rather than the US dollar. This move signals a significant departure from traditional trade practices and underscores BRICS' determination to assert financial sovereignty.

The implications of BRICS' de-dollarization efforts extend beyond bilateral trade agreements. By encouraging other developing countries to follow suit, BRICS aims to challenge the dominance of the dollar in global finance. This shift could lead to a reconfiguration of the international monetary system, with local currencies gaining prominence in cross-border transactions.

Furthermore, BRICS members like Russia are reaping the benefits of bypassing US economic sanctions through trade in local currencies. Russia's oil and gas revenue, for instance, is set to double in April 2024, despite facing US sanctions. By selling oil at discounted prices to trade allies and conducting transactions in local currencies, Russia has mitigated the impact of US sanctions on its economy.

BRICS' de-dollarization agenda has not gone unnoticed by the United States. Former President Donald Trump has expressed concern over the potential weakening of the dollar's status as the world's reserve currency. Trump's economic advisors have discussed strategies to counter BRICS' influence and bolster the dollar's supremacy in global finance. However, these strategies would only go into effect if Trump is elected in 2024.

In the coming years, the trajectory of the US dollar and the success of BRICS' de-dollarization efforts will hinge on a multitude of factors, including geopolitical dynamics and economic policies. As BRICS asserts its vision for a multipolar world order, the global financial landscape could be poised for significant transformation. Like most things, time will tell.

Trending

Paris

In 2023, Paris Police Headquarters found that a whopping 77% of solved rape cases in the capital were committed by non-French citizens, mostly in tourist spots like Champs de Mars, which will soon be bustling with visitors for the games.

According to Europe 1, there were 97 reported rapes in Paris in 2023, up 2% from 2022. This is the first significant increase since 2018. Out of these cases, 30 were solved, resulting in 36 arrests. According to the report, most of these people were unemployed, homeless, & addicted to drugs.

Indian Espionage

On Monday, the White House expressed its concern over the reported involvement of the Indian intelligence service in two assassination plots in Canada and the United States.

An officer from India's intelligence service played a direct role in a foiled attempt to assassinate a prominent U.S. critic of Indian Prime Minister Narendra Modi. Additionally, the Indian intelligence officer was implicated in the fatal shooting of a Sikh activist in Canada last June.

Haiti’s new Prime Minister

In Haiti, the recently formed transitional council made a decision on Tuesday, selecting a relatively unknown former sports minister as the nation's prime minister. This choice is part of their mission to build a more stable government in the face of violence.

Fritz Bélizaire emerged as the surprise pick to succeed the current interim Prime Minister Michel Patrick Boisvert, securing the backing of four out of seven voting members on the nine-member panel. However, some panel members admitted to being unfamiliar with Bélizaire.

More than 90,000 individuals have fled the capital, adding to the staggering total of over 360,000 people who have been displaced in recent years due to ongoing conflicts

History & Culture - Treaty of Tordesillas

The Treaty of Tordesillas, signed on June 7, 1494, aimed to resolve conflicts between Spain and Portugal over newly discovered lands, including those found by Christopher Columbus. Spanish rulers, Ferdinand and Isabella, sought support from the Pope to establish their claims, leading to the delineation of a line of demarcation 100 leagues west of the Cape Verde Islands by Pope Alexander VI. Spain gained rights to lands west of the line, while Portugal claimed those to the east.

The treaty, ratified in Tordesillas, Spain, on June 7, 1494, divided the New World between Spain and Portugal. It set a north-to-south line in the Atlantic Ocean, with lands to the east belonging to Portugal and those to the west to Spain.

The legacy of this treaty persists across the Americas today. Most Latin American nations primarily speak Spanish, except for Brazil, where Portuguese is the official language. This linguistic division stems from the Treaty of Tordesillas, which placed the eastern tip of Brazil under Portuguese control due to its location east of the demarcation line. Rio De Janeiro was at on time the capital of Portugal.

Spain and Portugal were the only parties to sign the treaty because they were the sole European powers with established presence in the Americas at the time. The treaty did not account for future claims by other European powers such as the British, French, and Dutch Empires, who did not begin to assert their presence in the Americas until after the Treaty of Tordesillas was signed.

Fast Facts

• Brazil is home to the largest Japanese population outside of Japan, with 1.6 million people residing there.

• In World War II, Germany tried to weaken the British economy by dropping millions of fake bills over London.

• The thumbs-up sign is thought to have originated from Chinese pilots who used it to communicate with ground crew before take-off.

The more we value things outside our control, the less control we have.

- Epictetus